A $40 million pre-export loan facility was signed during the expo in support of JohnVents Industries, one of the exhibitors.
Analysts in the exports space have deemed the loan, which would be supplied by AFREXIM Bank with Fidelity Bank serving as the local administrative agent, to be a historic development.
"We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the U.S." stated Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, in her remarks about the arrangement.
This further emphasizes the importance of our collaboration with AFREXIM Bank, particularly in terms of giving last mile beneficiaries the much-needed finance they require to expand their businesses and serve a worldwide clientele. These complement our goals for FITCC, and we are excited to have the official deal signing ceremony here.
The two-day event, dubbed FITCC Houston, aimed to accomplish a number of goals, such as expanding the pool of Nigerian companies exporting to the United States, giving the Diaspora market more options for ethnic products, and assisting exporters in developing the capacity to raise product quality and comply with international standards.
"Developments on the global scene have necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macro-economic environment," Onyeali-Ikpe said in her welcome speech to attendees. On the supply side, companies are realizing how important it is to serve a global clientele in order to expand their product offerings, protect themselves against currency depreciation threats, and, in the end, guarantee the long-term viability of their operations. Globalization has, in fact, brought attention to the necessity for companies to enhance their cross-border cooperation and services.
"We established the Fidelity International Trade and Creative Connect (FITCC) in 2022 and held the expo's first edition in London last November in order to close these gaps. More than 100 Nigerian companies met their UK counterparts during the event, and agreements totaling almost $200 million were finalized both during and after the event. We're stepping it up this year because we want to close deals that total approximately $250 million. As a result, we have designed a complex experience to assist stakeholders in achieving this goal at this Expo as well as a number of others.
The exhibition, which included over 160 US and Nigerian companies involved in the non-oil extractive, fintech, commodities, fashion, cosmetics, service, and creative industries, was a major component of the event.
"We look forward to meeting all of our amazing customers and we promise them an impactful experience with our products that would leave a lasting impression," stated Joyce Awosika, founder and CEO of Oriki Spa, who was also one of the exhibitors.